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You have to figure in how those figures add up to after you figure in the cost of living, housing costs especially. someone making 400,000 in Philly,Dallas,Minneapolis etc is going to have alot more than someone making 600,000 in Manhattan or SF
Cost of living doesn't matter to the Top 1% in any society nor would market price on housing be a hindrance to them regardless of which city they choose to live in.
Last edited by Trafalgar Law; 05-07-2016 at 11:57 AM..
Cost of living doesn't matter to the Top 1% in any society nor would market price on housing be a hindrance to them regardless of which city they choose to live in.
Not entirely true. Those who are categorized as "new money" in the 1% don't have the same luxuries as someone who is "old money" and in the 1%. Those in NYC and out east tend to be old money. As you progress west, you start seeing more and more "new money". Someone who is new money in Dallas probably doesn't have the $$$ to afford the same lifestyle in NYC.
You have to figure in how those figures add up to after you figure in the cost of living, housing costs especially. someone making 400,000 in Philly,Dallas,Minneapolis etc is going to have alot more than someone making 600,000 in Manhattan or SF
That definitely isn't true. The only thing that costs different in Manhattan or SF would be real estate, and that's because it's a stronger investment, so higher appreciation.
And this isn't looking at "Manhattan or SF". It's looking at metro areas, of which Manhattan and SF are not a particularly significant share of overall metro.
If you're making 600k anywhere, you have a roughly similar lifestyle.
this is actually from the related article and this is just nassau.
Its why you see so much outmigration from high tax states to low tax states, an enormous migration of income
"Many of Nassau’s affluent families think of themselves as practically middle class, saying that property values and taxes are so high that $380,000 does not go very far.
“On Long Island, it’s barely a living,” said Steven R. Schlesinger, a lawyer and professional poker player. “In Plano, it’s a living.”
There is something to that. Aspen’s 1 percent is very different from Akron’s. In some areas there are so many 1 percenters that the whole income hierarchy can shift.
It may take $380,000 to be in the national 1 percent, but it takes $900,000 to be among the top 1 percent of earners in Stamford, Conn. "
this is actually from the related article and this is just nassau
"Many of Nassau’s affluent families think of themselves as practically middle class, saying that property values and taxes are so high that $380,000 does not go very far.
“On Long Island, it’s barely a living,” said Steven R. Schlesinger, a lawyer and professional poker player. “In Plano, it’s a living.”
There is something to that. Aspen’s 1 percent is very different from Akron’s. In some areas there are so many 1 percenters that the whole income hierarchy can shift.
It may take $380,000 to be in the national 1 percent, but it takes $900,000 to be among the top 1 percent of earners in Stamford, Conn. "
Those types of "cost of living" articles are some of the dumbest in existence. 380k in Iowa is the exact same as 380k in Stamford, CT. How you spend it is up to you.
If you live the exact same, yeah. But people don't live the exact same. If you want a mansion on twenty acres in Manhattan, yeah, you will need to be Bill Gates, except no one does that. If you want the top hair stylist in the world in rural Iowa you will have to fly them in from NYC or Paris, except no one does that.
Did anyone notice that the NYT published this four years ago? The data it is based upon could be even older. The income minimums to meet the top 1%, 5%, 10%, etc. have likely shifted upwards in the intervening time.
I wonder what those all those Wall Street buffs are doing to earn all their cash in NYC? Must be one hell of a party for real. Chill out with the generalizing.
Because the more rich people you have living within a 25-mile radius, the more relevant you are as a person! Everybody knows that!
This thread is not necessarily about any individual person and the amount of money they have. That is why posters in this thread have yet to name a single wealthy individual/celebrity and talk endlessly about those folks. We're not doing that, not here at least. This New York Times interactive tool isn't even about that.
It is about these cities and what qualifies as their income bracket for Top 1%, Top 2%, Top 5%, so on and so forth down the line. Each city is different, clearly, as the data suggests. Each city has a different threshold for what is their Top 1%, their Top 10%, stuff like that.
What is more interesting is when you put your own annual income into the search bar, then press various cities and see what percentile you stack up in each city.
American Community Survey doesn't do 1% unfortunately.
They did top 5%, and here it is by counties
Counties by Top 5% Household Income:
01. New York, NY: $857,643
02. Fairfield, CT: $822,708
03. Westchester, NY: $793,134
04. Somerset, NJ: $625,869
05. Marin, CA: $624,762
06. Montgomery, MD: $567,190
07. Hunterdon, NJ: $554,015
08. Morris, NJ: $546,982
09. Nassau, NY: $538,307
10. San Francisco, CA: $523,744
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